Introduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 April 2013 Service doesn't include -
transaction in money and actionable claims.
Can you please explain to me those two terms?

Thank You

Gorav Kumar Goyal

Gorav Kumar Goyal (Expert)
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18 April 2013 1 Mere transaction in money or actionable claim

¨ Mere transaction in money or actionable claim is not service – section 65B(44)

¨ Any legal tender (Indian or foreign currency) is ‘money’

¨ Transaction may be by cash, cheque, promissory note, DD, LC, money order, electronic transfer

2 What is mere transaction in money

¨ Loans, deposits, repos, reverse repos , Commercial Paper, Certificate of Deposit is mere transaction in money

¨ Forward Contracts in commodities and currencies

¨ Future contracts

3 Other non-taxable services

¨ Actionable claim i.e. claim of unsecured debts or beneficial interest in movable property, is not service

CA Gorav Kumar Goyal
9910357301